By Abiola Olawale
In a jaw-dropping disclosure, court documents have unveiled some dirty income of the immediate past Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele.
The embattled ex-CBN governor, who served from 2014 to 2023, reportedly pocketed an annual salary of N350 million, alongside N75 million in quarterly reimbursements and over $6 million in estacodes for international travel, yearly, according to legal filings.
The court documents which detailed Emefiele’s extraordinary remuneration during his nine-year tenure, showed that going by the erstwhile apex bank governor’s yearly receipt of about N13bn, he would have amassed a total of about N130 billion in salarieds, estacodes, allowances in his ten year stay at the CBN
The New Diplomat reports that Emefiele’s N350 million annual salary far outstripped the earnings of most public officials in Nigeria, a nation grappling with economic challenges.
Most staggering is the over $6 million in estacodes—per diems for international travel—highlighting the lavish lifestyle accorded to the former governor while Nigeria faced crises and inflation.
These revelations emerged in the ruling of the Court of Appeal, Lagos Division, which overturned a previous final forfeiture order against a series of properties and assets linked to the controversial Emefiele.
The court, in a split decision delivered on April 9, 2025, held that the lower court had not fully evaluated the totality of the evidence presented in the original forfeiture proceedings.
As such, it set aside the ruling of the Federal High Court and ordered a fresh hearing of the case.
“At the risk of prolixity, it should be noted that the appellant stated at paragraphs 5 (a), (r), and (v) of his affidavit to show cause why the properties should not be forfeited. When the appellant left Zenith bank, his severance allowance was N1,750,000,000, while his Zenith bank shares is valued at N500,000,000, and as central bank governor his annual pay was N350,000,000 with quarterly reimbursement of N75,000,000, excluding estacodes paid at $6,285,000; see page 531 of the record of appeal,” the court document reads in part.
This appellate court ruling us coming after a judgment issued on November 1, 2024, by the Federal High Court in Lagos, had granted the request of the Economic and Financial Crimes Commission (EFCC) to permanently forfeit several high-value properties allegedly linked to Emefiele.
These properties, according to the EFCC, were suspected to be proceeds of unlawful activity. The anti-graft agency informed the court that acquisitions linked to Emefiele were carried out through proxies, corporate entities, and other means that obscure direct traces to him.
The EFCC also said that Emefiele has not presented any evidence to demonstrate that legitimate funds were used for these transactions.
However, in his defence, Emefiele presented documents showing his income history from Zenith Bank, where he previously served as Managing Director, and his 10-year tenure as CBN Governor. It was on this basis that the court began to question whether the EFCC had sufficiently proven that the properties were acquired illegally.
Justice Abdulazeez Anka, who delivered the lead judgment, observed that Emefiele’s total declared earnings could indeed afford the assets in question.
He further noted that there were material conflicts in the affidavit evidence submitted by both parties, which could only be resolved through oral testimonies and cross-examination.
The New Diplomat also reported that Emefiele, once one of Nigeria’s most powerful figures, has been embroiled in legal battles since his suspension by President Bola Tinubu in June 2023.
Arrested shortly after, Emefiele has faced a barrage of charges from the EFCC, ranging from fraud and abuse of office to money laundering and illegal financial dealings.
The former CBN governor, who pleaded not guilty to all charges, is currently standing trial in multiple courts in Lagos and Abuja.
The disclosure that Emefiele, earned N350 million annually, with an additional N75 million in quarterly reimbursements and over $6.2 million in estacodes, brings his total annual benefits close to at least N650 million, excluding foreign travel allowances.
This also means that he is within the bracket of Nigeria’s highest-paid corporate executives, despite occupying a public office.
